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HOW WE DO FHA LOANS

Simplified, expanded guidelines so you can serve more borrowers.

Millions of Americans turn to FHA-backed loans to help make homeownership possible, but few realize that not all FHA providers are created equal. We start with the standard FHA guidelines, and then expand them to a wider range of workable solutions for more families, depending on their needs and circumstances.

Qualifying Ratios For Purchase, Rate & Term Refi, or Cash-Out Refi:

  •  620 FICO - DTI Per AUS
  • 600-619 FICO - 50% DTI (Approve/Eligible or Accept Required)
  • < 600 FICO -  43% DTI

 

FHA Eligibility Guidance:

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FHA Streamline Eligibility Guidance:

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  1. A full review of the borrower's credit profile will be completed. Borrowers with limited depth of credit or with layered risk characteristics must be reviewed for strong compensating factors. Manual Downgrades are not permitted
  2. CLTV may exceed 100% with the use of an approved government second or down payment assistance program. Other secondary financing (including seconds from non-profits) are subject to a maximum CTLV of 100%
  3. FICO score < 580 must receive Approve/Eligible or Accept score
  4. Most recent 4 payments at time of case assignment must be 0x30. For FHA streamline refinances FHA requires a minimum of 6 payments of 0x30 payments prior to case assignment and no more than 1x30 in the previous 6 months (months 7 -12).
  5. Principal balance may not exceed original loan amount of loan being refinanced
  6. See section 2.11 for additional details

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